One of Singapore's richest businessmen has filed a lawsuit against Citigroup's private banking arm in the latest example of the rising number of legal actions involving private banks and their clients in Asia following last year's market turmoil.
Oei Hong Leongclaims he lost about S$1bn (US$687m) in 2008 because Citi allegedly gave him “inaccurate and misleading” information on his trading exposure.
“We fully intend to defend our position vigorously,” said Citi of the suit filed in Singapore's high court last week.
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